Dentons advises anchor investor on largest Oman IPO

London—A cross-border team of lawyers from Dentons have advised Fluxys SA., a Belgian natural gas pipeline operator, on its role as an anchor investor in the privatisation and initial public offering (“IPO”) and listing on the Muscat Stock Exchange of OQ Gas Networks SAOG (“OQGN”), the state-controlled gas transmission system operator in Oman.

The IPO raised gross proceeds of US$749 million, and is the largest IPO to date in Oman.

Through its subsidiary Fluxys International SA/NV, Fluxys acquired a 4.9% interest in OQGN in the IPO. Fluxys and OQGN also entered into an agreement relating to certain corporate governance matters, and a Memorandum of Understanding to explore areas of strategic cooperation in the development of Oman’s hydrogen and CO2 infrastructure.

Bank of America, Bank Muscat and EFG Hermes acted as joint global coordinators on the transaction. The transaction completed in late October 2023.

Cameron Half, London-based US securities and capital markets partner, who co-led the Dentons team, said: “We are very pleased to have supported Fluxys on this transaction. This transaction is further demonstration of the capabilities of Dentons to advise on high-profile capital markets transactions, and to leverage resources and expertise across multiple jurisdictions.”

The Dentons team was led by London Capital Markets Partner Cameron Half, together with Oman Corporate Partner Jamie Gibson. Cameron and Jamie were supported by Oman Associated Partner Yaqdhan Al-Busaidi, and London Corporate Associates Annabel Mockridge and Vincent Leung.  The relationship with Fluxys was coordinated by the Belgian Finance Partner Nora Wouters and the Corporate Partner Laurens Engelen, with the assistance of financial regulatory associate Domien Kriger.